Stephen Malpezzi

Teaching Materials

On this page I make available selected teaching materials, for students, at Wisconsin and elsewhere, and for real estate professionals and others with an interest in real estate, urban economics, and related topics. If you are a fellow teacher, please feel free to use these materials, with proper attribution. Comments, corrections and criticisms are always welcome. Email me at

Business Analytics Subcommittee
Brief presentation to the WSoB faculty, March 19, 2012 (pdf)

The Wisconsin Tradition
The Wisconsin Program in Real Estate and Urban Land Economics: A Century of Tradition and Innovation

Urban Economics: Reading for Life
Reading for Life

Real Estate Aggregate Economy
Real Estate Aggregate Economy (October 8 2011)

Some Financial Basics
Understanding Present Values and the Time Value of Money (.pdf | .doc)
More on TVM, the "Six Functions Of A Dollar", and Financial Mechanics (.pdf | .doc)

Other Real Estate
An Introduction to Lease Concepts and Terminology (.pdf | .doc)

Local Government
What Should State and Local Governments Do? A Few Principles (.pdf | .doc)
Cities and Economic Success: A Short Note on Local Economic Development (.pdf | .doc)

Computer Applications, including Excel and VBA
Introduction to Macros and Visual Basic in Excel (.pdf | .doc)
Deconstructing a Visual Basic Program (.pdf | .doc)
Towards A Deeper Understanding of Visual Basic for Applications (.pdf | .doc)
Two Internal Rate of Return Functions (.pdf | .doc)
Excel and VBA Odds and Ends (.xls)
Simple Excel Proforma (.xls)
Proforma for Multiple Cases (.xls)
Apartment Proforma (By Joe Walsh with a little kibitzing from SM) (.xls)
Front Door and Back Door Analysis (Keyed to Graaskamp’s Fundamentals of Real Estate Development) (.xls)
PowerPoint for MBA and PhD Spreadsheet Class (.pdf)

Stephen Malpezzi, Larry Ozanne, and Thomas Thibodeau. Characteristic Prices of Housing in 59 SMSAs. (The Urban Institute, 1980). This paper describes the construction of hedonic housing price indexes using data from the Annual Housing Survey (now called the American Housing Survey). Contains lots of handy hints on how to actually implement hedonic models, and some good tips on how to work with American Housing Survey data. Also contains some analysis of depreciation rates, racial differences in housing prices, and measuring house price inflation, among other topics. Click here to download:

Part 1 | Part 2a | Part 2b | Part 3 | Part 4 | Part 5 | Part 6 | Part 7 | Part 8

Other Indicator Datasets
Here's an Excel Dataset on Urban Decentralization ("Sprawl"), containing more detailed versions of the tables contained in Malpezzi and Wen-Kai (Kevin) Guo, Measuring "Sprawl:" Alternative Measures of Urban Form in U.S. Metropolitan Areas (in Word). See our PowerPoint Slides on Sprawl for an expanded set of Figures for the paper, and some other related info.

Here's a dataset containing measures of the U.S. private stock of real estate by metropolitan area, for various years, and related data from (98-10) Malpezzi, Stephen, James D. Shilling and Yu-Yun Yang, The Stock of Private Real Estate Capital in U.S. Metropolitan Areas: Measurement and Determinants, July 1998.

Stephen Malpezzi

Stephen Malpezzi
5262C Grainger Hall
975 University Avenue
Madison, WI 53706
(608) 262-6007

Professor, Department of Urban and Regional Planning, Wisconsin School of Business; Affiliate Faculty, Institute for Research on Poverty; Member, Development Studies Faculty; Ph.D., George Washington University